TL;DR
- One forecast suggests a 51% rise in Shiba Inu price in the near future.
- SHIB’s aggressive token burning, the advancement of Shibarium, and other factors can positively impact the asset’s value.
SHIB’s Chances of Price Ascent
Shiba Inu’s valuation has been underperforming lately, falling by 4.5% on a weekly scale (per CoinGecko’s data). Despite standing far from its all-time high levels (registered in 2021), the asset remains an intriguing topic and is often a subject of bullish predictions.
One such forecast came from the popular X (Twitter) user $SHIB KNIGHT. The analyst thinks SHIB might be on the verge of a breakout, envisioning a 51% increase in the following seven days.
$SHIB 1WEEK Chart:
Breakout target is 1400. Breakout should be confirmed, it’s still moving in pattern rn. pic.twitter.com/IId3C9SRCm
— $SHIB KNIGHT (@army_shiba) February 22, 2024
A spike in that dimension represents a significant movement that might require several essential factors to take place. ChatGPT estimated that regulatory developments, the overall bullish condition of the industry, and adoption are the main ones.
It added that technical advancements related to the meme coin might play a role, too. Recall that Shiba Inu’s layer-2 scaling solution – Shibarium – has been showing serious progress, blasting through countless milestones since its launch last August.
As CryptoPotato recently reported, total transactions on the network surpassed the 360 million mark, whereas wallet addresses are inching towards 1.4 million. Those willing to learn more about Shibarium’s specifics and purposes can take a look at our dedicated video below:
Shiba Inu’s Burn Rate
Another element that might trigger a SHIB price increase is the successful execution of Shiba Inu’s burning mechanism. The program reduces the tremendous circulating supply of assets, thus making them scarcer and potentially more valuable in time.
Earlier this week, the burn rate exploded by over 8,500%, resulting in around 86 million tokens being removed from circulation. The latest data shows that more than 41% of SHIB’s maximum supply has already been destroyed.
The operation is not that simple and includes manual and automated burns. Specifically, every time a transaction is made on the network, a certain percentage of the transaction fee is transferred to a null address.
Shiba Inu’s team aims to simplify the process, recently introducing “a transformative token burning mechanism” to automate the entire system.
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